This article first appeared on GuruFocus .
Nscale, a UK-based developer of artificial intelligence data centers, has secured a fresh $2 billion funding round, underscoring the scale of capital continuing to flow into AI infrastructure. The Series C round, led by Norwegian energy company Aker ASA ( AKAAF ) and investment firm 8090 Industries, values the company at $14.6 billion. Several technology companies participated in the financing, including Nvidia ( NASDAQ:NVDA ), Lenovo Group and Nokia. Alongside the funding, Nscale appointed several high-profile figures to its board, including former Meta Platforms executives Sheryl Sandberg and Nick Clegg, as well as Susan Decker, a former Yahoo executive who currently serves on multiple corporate boards.
Nscale emerged in early 2024 after spinning out of a cryptocurrency mining operation and has quickly positioned itself as a so-called neocloud operator, renting computing capacity to companies building artificial intelligence applications. The company has sought to differentiate itself by focusing on AI infrastructure projects across Europe, including planned developments in the UK, Norway and Portugal. Its latest financing follows a period of rapid fundraising, with the company bringing in $1.5 billion earlier in 2025 and arranging roughly the same amount in loans to support data center expansion.
The company's growth reflects the surge in demand for computing power tied to generative AI, which has triggered a wave of new data-center construction globally. Nscale previously partnered with Aker on plans to build a data center project near the Arctic Circle, with OpenAI serving as the anchor customer. Aker Chief Executive Officer Oyvind Eriksen said changes including combining Nscale's Norway operations into a single entity are intended to simplify the company's structure ahead of a potential public listing that could take place in the United States.
